Given the following information calculate the amount of current liabilities. Pro

Question

Given the following information calculate the amount of current liabilities. Provision for bad debt $23,800 Cash $30,000 Patient revenues (net of contractuals) $275,000 Net accounts receivable $42,100 Ending balance, temporarily restricted net assets $15,900 Wages payable $6,500 Inventory $2,800 Long-term debt $143,000 Supply expense $55,000 Gross plant, property, and equipment $290,000 Net assets released from temporary restriction $2,100 Depreciation expense $13,000 Accounts payable $15,000 Beginning balance, temporarily restricted net assets $18,000 Interest expense $9,000 Labor expense $119,000

A) 15,000 B) 195,500 C) 76,500 D) 21,500

Explanation / Answer

Ans is D $21,500

Explanation: Current liabilities are those liabilities that is due and payable under less than 1 year term, so current liabilities = Accounts payable + Wages Payable

Current liabilities = $15,000 + $6,500

Current Liabilities = $21,500

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